The Indian market started the week on a sombre note, failing to hold minor opening gains. The BSE Sensex slipped below 39,300 and the Nifty50 was trading below 11,800 amid uncertainty ahead of US Federal Reserve meet, rising oil prices and as US-India trade dispute dented investor appetite for equities.

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The Modi government on Saturday raised custom duty on various items, including walnut and apples, exported from the US.

At 9.40 am, the Sensex was trading at 39,293, down by over 158 points, or 0.40 percent. The Nifty was down by 0.48 percent, trading almost 57 points lower, at 11,766.

Broader markets also fell with both the Nifty MidCap and BSE MidCap falling well over half a percent.

Only six sectors advanced led by Nifty Pharma which rose just half a percent, while metal, energy, oil and gas counters were the worst among 37 falling sectors.

Among gainers, Yes Bank, Bharti Infratel, Indiabulls Housing Finance, Wipro, Infosys, Power Grid, NTPC and TCS, surged by up to 1.5 percent. Among losers, JSW Steel, Vedanta, Grasim, Tata Steel, Reliance Industries, Tata Motors and Coal India, dropped by up to 2.7 percent.

Shares of Shriram Transport Finance slipped almost 6 percent after 10 percent equity worth Rs 2,305 crore was exchanged on NSE at Rs 1,000-1,023 per share. The company had bought the 10 percent stake at Rs 723 per share in 2013.

Meanwhile, the Indian rupee opened unchanged at 69.80 against the US dollar on Monday. On Friday, the home currency had closed at 69.80 against the greenback.

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